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Currently, countries that take out loans are not able to pay them back and are in insurmountable debt.  Rising US interest rates and any softening of the world economy are the culprit.

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The IMF has been criticized for imposing policy with little or no consultation with the affected countries.

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The IMF has been criticized for supporting military dictatorships in Brazil and Argentina, such as Castello Branco in 1960s received IMF funds denied to other countries. This occurred following Joao Goulart's overthrow of his democratic government, where the IMF's loans to Brazil were suspended for 3 years and resumed as can be seen in the graph below.

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Many believers in free markets argue that it is better to let capital markets operate without attempts at intervention. They argue attempts to influence exchange rates only make things worse – it is better to allow currencies to reach their market level

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There is also a criticism that bailing out countries with large debt creates moral hazard. Because of the possibility of getting bailed out, it encourages countries to borrow more.

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According to Jeffrey Sachs, head of the Harvard Institute for International Development:

“In Korea the IMF insisted that all presidential candidates immediately “endorse” an agreement which they had no part in drafting or negotiating, and no time to understand. The situation is out of hand…It defies logic to believe the small group of 1,000 economists on 19th Street in Washington should dictate the economic conditions of life to 75 developing countries with around 1.4 billion people.”

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The International Monetary Fund can be a tool for free market countries since there are little to no government regulation. The large beneficiaries of neo-liberalism are countries such as the U.S, Japan and Great Britain as they feature prominently in IMF policies.

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Larry Elliott, the Guardian’s economics editor, writes:

"The IMF’s remedy for Greece and Portugal during the Eurozone crisis has been straight out of the structural adjustment playbook: reduce public spending, cut salaries and benefits, insist that state-owned enterprises return to the private sector, reduce minimum wages, and restrict collective bargaining.”

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The IMF has been longly criticized for giving loans to certain countries more than others - hence the implication of favoritism. Their is criticism from both rich and poor countries as the rich feel the poor re favored whilst the poor feel the opposite ouccrs creating lots of jealousy.

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International Monetary Fund lending to Greece has already blown away any previous borrowing records based on country contributions to the world's last-chance bank.

That fact, along with the increasing likelihood the IMF will lend the failed economy even more cash and hasn't required talks with private creditors, is underscoring concerns by emerging markets that the fund favors rich countries and may further undermine the bank's perceived legitimacy.

The IMF says the extraordinary lending is not just to save Greece, but the world economy. "Our programs are designed to of course support an individual country so that they can restore financial stability, but the goal is to support the global international system," said fund spokeswoman Caroline Atkinson.

IMF officials say the risk of European contagion is ring-fenced. But economists say the sheer size of the loan compared to Greece's contribution to the fund, called its quota, indicates how scared the IMF is about Greece's failure affecting the euro zone.

Greece's $40 billion loan from the IMF represents more than 30 times what it contributes to the IMF. The next biggest loan, also compared to its quota, is Ireland, with more than 23 times its fund contributions. Mexico's flexible credit line of around $75 billion was for ten times its contribution, but it never actually tapped the line, just used its availability to reassure markets.

On top of the mountain of money already shoveled into Greece, the IMF is indicating it's prepared to give Athens another stack of cash. That's despite Greece already failing to meet important targets such as tax collection and having to wait two more years to borrow from private markets. European officials estimate Greece needs at least another $86 billion. That would push IMF's Greece lending to around 50 times its quota.

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Record IMF Greek Lending May Intensify Favoritism Concerns

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International Monetary Fund lending to Greece has already blown away any previous borrowing records based on country contributions to the world's last-chance bank. That fact, along with the increasing likelihood the IMF will lend the failed economy even more cash and hasn't required talks with private creditors, is underscoring concerns by emerging markets that the fund favors rich countries and may further undermine the bank's perceived legitimacy.